A disheartened Wall Street fell for the third straight session today as investors absorbed another series of dismal corporate reports and news that the US government would not buy banks’ soured mortgage assets after all.

Wall Street recovered from steep losses today amid hopes for an imminent interest rate cut, but stocks still closed down in response to Merrill Lynch’s credit-related losses and a sharp drop in existing home sales.

Wall Street recovered from steep losses today amid hopes for an imminent interest rate cut, but stocks still closed down in response to Merrill Lynch's credit-related losses and a sharp drop in existing home sales.

US stocks posted a modest decline today as a weakening US dollar and a mixed batch of first-quarter earnings reports prompted unsettled investors to cash in on last week’s gains.

Wall Street showed some resilience today, closing mixed even as oil prices settled at a new high and raised more concerns about inflation.